Verisk Analytics Stock Price, News & Analysis

Verisk has launched XactXpert, a new rules engine designed to enhance the efficiency of property claims estimation. This innovative tool significantly reduces the review time of property estimates from days to minutes by automating the identification of potential errors in real-time. With over 1,000 customizable pre-authored rules, insurers can tailor their guidelines seamlessly within the Xactimate platform.

Key benefits include real-time automated reviews that allow claims professionals to flag misalignments instantly, and the ability to analyze estimates using XactAnalysis Insights for compliance. As the property restoration and insurance industry increasingly adopts XactXpert, Verisk aims to improve underwriting outcomes and operational efficiency.

Verisk (Nasdaq: VRSK) has acquired Krug Sachverständigen GmbH, a leading motor claims solutions provider based in Germany. This acquisition enhances Verisk’s claims and casualty offerings across Europe, aligning with its strategy to support the global insurance industry.

Founded in 1982, Krug specializes in digitalized claims management solutions, allowing insurers to streamline motor claims processes. The integration of Krug's capabilities aims to optimize operational efficiency and improve customer experience.

Furthermore, this acquisition complements Verisk’s previous acquisition of Actineo, which focuses on personal injury claims. Both companies promise to enhance Verisk's data analytics ecosystem, creating comprehensive solutions for the European insurance market.

Pelmorex Corp. announces the appointment of Dr. Nana Banerjee as President and CEO, effective later this month. Dr. Banerjee, who also joins the company’s Board of Directors, has extensive experience in leading global companies, including his previous roles as CEO of McGraw-Hill and Group President at Verisk (NASDAQ: VRSK). Executive Chair Pierre L. Morrissette expressed confidence in Dr. Banerjee's vision and leadership skills, which align with the company’s values. Dr. Banerjee holds a Ph.D. in Applied Mathematics and aims to drive innovation at Pelmorex, focusing on utilizing advanced technology and AI algorithms for weather analytics. Pelmorex is recognized as a leading provider of weather information services.

Peace Hills General Insurance Company, a prominent insurer in Western Canada, is upgrading its claims workflow through Verisk's Xactimate and XactAnalysis solutions. This enhancement, announced on April 19, 2023, aims to streamline property damage assessments and improve claim processing efficiency. By utilizing Xactimate, Peace Hills can rapidly capture and review damage estimates, while XactAnalysis facilitates assignment tracking, claim status updates, and oversight of contractors. Key benefits include compliance assurance, error auditing, comprehensive documentation, performance monitoring, and real-time reporting. The partnership supports Peace Hills' commitment to exceptional customer service and aims to further enhance the client experience.

On April 13, 2023, Verisk (Nasdaq: VRSK) announced the promotions of Carrie Barr and Aaron Brunko to president roles within its Claims Solutions group. Barr, previously an account executive, will lead Casualty Solutions, focusing on enhancing client efficiencies through automation and compliance solutions. Brunko, who joined Verisk as a tech support agent, will head Property Estimating Solutions, prioritizing innovation and partnerships to improve workflows. President of Claims Solutions, Maroun Mourad, expressed confidence in their leadership to boost client support and strengthen Verisk's position in the global insurance industry. Verisk continues to empower insurance clients with data analytics and technology solutions, addressing operational efficiency and risk management.

Verisk (Nasdaq: VRSK) announced it will release its fiscal first quarter financial results for the period ending March 31, 2023, on May 3, 2023, prior to market opening. Investors can access the press release and financial information via the Verisk investor website. An audio webcast is scheduled for the same day at 8:30 a.m. ET, allowing stakeholders to discuss the results and business highlights. Participants can join via the investor website or dial-in numbers provided for U.S./Canada and international listeners. A replay of the audio webcast will be available for 30 days post-event. Verisk continues to position itself as a strategic partner in data analytics for the global insurance industry, focusing on improving operational efficiency and decision-making regarding various risks.

Verisk’s Rating-as-a-Service (RaaS) offers insurers a cloud-based solution to efficiently implement updated ISO loss costs and coverage rules for new commercial lines products. Announced on April 11, 2023, this innovative rating engine simplifies the complex process of product development by allowing insurers to send rating inputs via API. This generates quotable premiums using Verisk’s advanced algorithms, improving speed, efficiency, and cost-effectiveness in insurance pricing.

RaaS supports various insurance products, including businessowners, general liability, and workers' compensation, enabling customization and integration with Verisk’s other solutions. The RaaS solution aims to enhance operational performance in an increasingly dynamic insurance market.